A major stock brokerage and international investment-banking house wrote down $19 billion of what they perceive to be bad assets. Since there are almost 2 billion shares outstanding, shareholder value theoretically rose about $8 billion. In a display of economic ignorance and anti-free enterprise, the House has passed legislation to end tax breaks for oil companies. After all, the price of their products (houses, condos, and general real estate) was rising about as fast as oil prices, but instead of making $15 billion in 2007, some investment banks were probably looking at Chapter 7. According to T2 Partners LLC, limited documentation (aka “liars loans”) rose from 27 percent of all loans in 2001 to 44 percent in 2006. read more

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